Danone targeted by activist investor
NEW YORK: Corvex Management, the activist fund run by Keith Meister, has built a stake in French yogurt maker Danone because it views the company as significantly undervalued, according to people familiar with the matter.
The New York-based hedge fund owns shares in Danone worth about US$400mil, said the people, who asked not to be identified because the investment hasn’t been publicly disclosed.
The stock rose as much as 2.9% in early Paris trading, leading gains in France’s benchmark CAC 40 Index.
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